Where chatbots can be used? Who uses chatbots?
Chatbot technology have been around for years now. They started out as an accident on Telegram and then developers started creating little bots on Slack – internally for their team’s use. Then WeChat, China’s Biggest Messaging Platform, began supporting bots and it really took off in China. Since Facebook Messenger, WhatsApp, Skype, Slack, and a growing number of bot-creation platforms came online, developers have been churning out chatbots across industries with Facebook’s most recent bot count standing at over 33,000.
With chatbots then becoming a serious business, the question comes – where can chatbots be used? Who uses chatbots?
Here are the top 7 chatbot usecases and application areas for businesses.
Consumer Engagement at Scale:
Brands that engage with their customers on social media platforms make 20% to 40% more money, according to Bain & Company. Nowadays, most businesses have an online and social presence. But since availability of manpower 24/7 is a constraint and comes at a cost, it is not always possible to keep the engagement channel open and active at all times. Businesses can use chatbots as their proxy agents to engage customers at scale 24/7 and across channels such as web, mobile, facebook, whatsapp etc. Chatbots, usually, only give out a slice of information at a time and can guide the interaction based on the inputs provided by the user. That way the engagement becomes a lot more interactive and chances of losing a customer is also a lot lower.
Chatbots make the lead generation process faster & easier by interacting & engaging customers in every step. From the moment a customer makes first contact on a business’s website or social handle, a chatbot can engage the customer by understanding her requirement, recommending a product/service and guiding her to the next step in the buying process. With AI powered self-learning models in the background, chatbots can even be trained to make complex decisions such as sending coupons to customers so that they will come to the store and purchase.
Chatbot technology can be very useful to marketers within an organization – instead of spending money on banner ads which are typically one-way communication, marketers can leverage the chatbot technology and convert their banner ads into a two-way, highly interactive and personalized communication channel with their customers. In the marketing world it is referred to as ‘conversational ads’ and typically these result in improved click-through-rates and higher ROI compared to traditional advertisement methods.
Finance function within a company is often very complex, involves lot of stakeholders and prone to repetitive tasks such as generating same report multiple times or filling up the same forms again and again. A conversational bot can be very useful in this situation leading to not just process improvement but also saving significant money. Here are a couple of use cases that can deliver instant ROI
- Accounts Payable Virtual Assistant – Your suppliers have submitted invoices and are now chasing you for the payment. Often they will call your team, or send email multiple times and every time your team will check the status and will write back to them with the latest update. An AI bot can take over the entire process from your team and allow your team to focus on the more strategic pieces. Let your suppliers ask their questions to the ai bot and let the chatbot answer them back instantaneously.
- Expense Filing and approval – Every employee in every company abhors expense claim process since it is mundane and extremely time consuming. It involves filling up the same form every time and then wait for the internal approval workflow to settle the expense. An AI bot can not only automate this entire process, but can also make the experience of expense filing a lot more enjoyable for your employees
The chatbot technology can benefit e-commerce shop owners as it allows them to have a Virtual assistant available always on the Webshop for helping visiting clients find the right product/service quickly. Reports suggest that web shops with virtual assistance service can not only convert 10X more than normal websites, but it also leaves a much more delightful experience for the visiting customers prompting them to come back again for the same personalized service and experience.
Chatbots Customer Service:
70% of questions that customer service agents answer over calls are repetitive in nature i.e. these questions are largely order related or delivery related and therefore are great candidates for automation through an intelligent chatbot. Your customers get instant answers without having to wait in the queue to talk to your agent while you get to save a lot of money by making sure your agents are now able to handle 2X-3X more calls within the same time.
Collect Customer Data & Gaining Insights:
As stated earlier, chatbots are great tools to interact with customers. From the feedback that chatbots collect by asking simple questions, when analyzed carefully, a brand can make improvements in their service or product. Moreover, the insights gained by chatbots can also help a brand optimize their low converting webpages. For instance, if a landing page brings in massive organic traffic but doesn’t convert well, chatbots can reach out to customers to collect information about why they are leaving the page without making a purchase.
Chatbot technology is opening up a world of new opportunities for businesses across industries and sectors. There will be innumerable chatbot usecases where these intelligent assistants can be deployed and in the above paragraphs I have just highlighted a few of those use cases to get you started. The only advice I will leave you with is that always start with the business problem you want to solve and then evaluate whether a chatbot is the right choice to solve that problem. If yes, proceed or else stop and look for another problem.
Curious much? – Mail me at Puneet.email@example.com and let’s start a conversation.